China’s markets brace for banner day as top planner joins stimulus surge
China’s top economic planner is preparing its plan for recovery, another in a wave of stimulus measures that have given markets a jolt
China is rallying its top economic planner to move in step with other state agencies as Beijing marshals its resources to achieve headline targets and revive consumer and investor confidence - a departure from previous policy announcements characterised by a steady trickle of incremental changes.
The National Development and Reform Commission (NDRC) is scheduled to hold a press conference on Tuesday morning, where analysts anticipate the roll-out of a wide-ranging action plan with a focus on consumption and the country’s green transition.
“It’s clear that there’s a sense of urgency among top leaders,” said Fu Weigang, executive president of the Shanghai Institute of Finance and Law think tank. “All government agencies will be mobilised in shoring up confidence and there is no better indicator of confidence than the stock market.”
Fu said he believes government departments with a hand in economic policymaking will hold press conferences on the matter one by one, with more to follow after the NDRC as administrators endeavour to buttress the real economy.
